Mr. Gerald Panneton reports

GOLD TERRA INTERSECTS 5.3 G/T GOLD OVER 6.43 METRES ON YELLOREX NORTH ZONE, CON MINE OPTION PROPERTY

Gold Terra Resource Corp. has released the first assay result from its winter drilling program on the Con mine option (CMO) property in Yellowknife, NWT. Drill hole GTCM23-042, the first hole of the program, intersected 5.3 g/t Au over 6.43 metres. The drilling program is designed to expand the Yellorex North gold zone between surface and 300 metres below surface (see February 24, 2023 press release). The CMO property is under option from subsidiaries of Newmont Corporation and is acquirable by the Company upon fulfillment of certain conditions set out in the CMO agreement, as reported in the Company's news release dated November 22, 2021. To date, the winter drilling program has completed ten (10) holes for a total of approximately 4,000 metres, of which eight (8) holes were on Yellorex North.

Yellorex North Zone drill core from hole GTCM23-042 will be on display at the Gold Terra Booth #2304, The Prospectors & Developers Association of Canada Convention (PDAC) at the Metro Toronto Convention Centre (MTCC) on Sunday, March 5 to Wednesday, March 8, 2023. Please join us at our booth to speak with management about the drilling program, future objectives and to see the core.

Chairman and CEO, Gerald Panneton, commented, "The Hole GTCM23-042 initial assay result is very encouraging as the intersection is 150 metres below surface, and fulfills our objective to expand the current near surface mineral resources on the CMO. We look forward to additional results as all eight holes have hit the targeted Campbell Shear and show significant intersections of visible multi-meter veining and sulphide mineralization. The Campbell Shear structure is our highest priority target as the Con Mine produced historically more than 5 million ounces of high-grade gold (16 g/t Au)."

Hole GTCM23-042 Highlights

GTCM23-042 intersected 5.3 g/t Au over 6.43 metres and was designed to verify and add depth extension to historical high-grade mineralization encountered in the Yellorex North zone of the Campbell Shear, as shown in Figure 1 below. The Campbell Shear was intersected at approximately 150 metres below ground level.

The main intersection is between 236.5-242.93 metres down hole and contains approximately 6.5 metres of smoky quartz veining, strong sericite alteration, and strong pyrite and arsenopyrite mineralization. Veining, alteration, mineralization, and width are the most important factors for assessing zone potential as drilling occurs.

A cross-section with hole GTCM23-042 is shown in Figure 2 further below.Figure 1 - Long section showing 2023 drilling, historic drilling, and hole GTCM23-42 Figure 2 - Cross-section showing hole GTCM23-042

The focus of the winter drilling program is to expand the September 2022 initial Mineral Resource Estimate ("MRE") (see September 7, 2022 press release) along the Campbell Shear immediately south of the Con Mine. The initial mineral resource estimate from drilling in 2022 is 109,000 Indicated ounces of contained gold and 432,000 Inferred ounces of contained gold between surface and to a depth of 400m below surface along a 2 km corridor. Please see the October 21, 2022 technical report, titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date of September 2, 2022, by Qualified Person, Allan Armitage, Ph. D., P. Geo., SGS Geological Services, which can be found on the Company's website at https://www.goldterracorp.com and on SEDAR at www.sedar.com.

The eight holes were drilled near surface on Yellorex North as this represents one of many under explored targets in the area. The target area is only 1 kilometre south of existing infrastructure, and tested only by one hole in 2022, GTCM22-039, (see August 3, 2022 press release) which returned two mineralized zones returning 3.31 g/t Au over 6.00 metres from 306.0 to 312.0 metres and including 5.39 g/t Au over 2.0 metres from 309.00 to 311.00 metres, and 2.18 g/t Au over 5.0 metres from 324.00 metres to 329.00 metres.

Qualified Persons

Joe Campbell, P. Geo., Senior Technical Advisorfor Gold Terra is a Qualified Person within the meaning of NI 43-101 and has reviewed and approved the technical information contained in this news release.

About Gold Terra

The YCG project encompasses 800 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometers of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell Shear, where 14 Moz of gold has been produced, and most recently on the Con Mine Option claims immediately south of the past producing Con Mine (1938-2003).

The YCG and CMO property lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometers of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company's exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

We seek Safe Harbor.